Frost Corporation Incurred the Following Transactions During Its First Year

question 102

Multiple Choice

Frost Corporation incurred the following transactions during its first year of operations.(Assume all transactions involve cash.)
1) Acquired $1,000 of capital from the owners.
2) Purchased $300 of direct raw materials.
3) Used $100 of these direct raw materials in the production process.
4) Paid production workers $400 cash.
5) Paid $200 for manufacturing overhead (applied and actual overhead are the same) .
6) Started and completed 200 units of inventory.
7) Sold 50 units at a price of $6 each.
8) Paid $40 for selling and administrative expenses.
The amount of raw material inventory on the balance sheet at the end of the accounting period would be:

• A)$100.
• B)$200.
• C)$300.
• D)$0.

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Definitions:

Lineage Members

Individuals who are part of a lineage, a group of people descended from a common ancestor, recognized through familial ties and heritage.

Other Lineages

Refers to familial or ancestral lines that are separate from one's own, often used in the context of understanding kinship and descent in anthropological terms.

Foraging Cultures

Societies primarily engaged in the collection, hunting, and fishing of spontaneous food resources.

State Societies

Society that is organized and governed by a centralized government, often characterized by stratification and complex social structures.